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Online Tests
Economics Ics Part 1 English Medium Online Test MCQs With Answers
Question # 1
In monopoly and perfect competition the cost curves are
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similar
different
opposite
falling in competition rising in monopoly
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Question # 2
When AC curve rises, MC curve remains:
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Above AC
Below AC
Equal AC
Negative
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Question # 3
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.
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2.5
0.5
1.5
3.5
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Question # 4
Members of a public limited company are elected by.
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Directors
Government
Financial institutions
Share holders
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Question # 5
The extent of market depends upon
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Means of transport and communication
Political instability
Economics instability
Trade restriction
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Question # 6
Why should employ units of a factor to a point where
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MP is negative
MP is equal to price of the factor
MP is positive
MP is rising
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Question # 7
The slopes of average and marginal products curves are always zero under:
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Law of increasing returns
Law of diminishing returns
Law of constant returns
Law of variable propoitions
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Question # 8
A firm attains sub-normal profit under perfect competition when its:
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AR = P (Price)
AR < P
AC = P
AC < P
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Question # 9
In case of perfectly elastic demand curve, the demand curve will be parallel to the.
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Horizontal Axis
Vertical Axis
None of the above
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Question # 10
If demand has unit price elasticity, a change in price causes
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increase in total revenue
decrease in total revenue
no change in total revenue
indeterminate
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Question # 11
Land is mobile factor of production.
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Not mobile
Mobile by the transfer ownership
Geographically mobile
Mobile vertically
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Question # 12
Economic principle are also called
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economic law
economic theory
economic model
all of the above
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Question # 13
When a competitive firm faces loss the slop of its MR curve is:
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Negative
Positive
Zero
Unity
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Question # 14
These are kinds of capital EXCEPT
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fixed capital
expensive capital
working capital
real capital
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Question # 15
According to Alfred Marshall, Economics should be taken as:
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Positive economics
Normative economics
Welfare economics
Applied economics
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Question # 16
An example of money capital is
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cash
money in a savings account
prize bond
golden ring
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Question # 17
They can expand their business by selling shares in the stock market
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proprietor of a business
partners of the business
joint stock company
industrial cooperative societies
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Question # 18
Price of a product is determined in a free market
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by demand for the product
by supply of the product
by both demand and supply
by the government
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Question # 19
One of the following can be registered in a stock exchange.
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Business under partnership
Cooperative society
Join stock company
Sole proprietorship
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Question # 20
Unemployment due to mechanization of agriculture is
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seasonal
structural
industrial
personal
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Question # 21
With an increase in cost of production, price of the product rises while supply of the product will.
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Fall
Rise
Remain unchanged
Non of the three
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